EUR/JPY Price Analysis: The price is heading to a strong weekly resistance level

EUR/JPY is trading 0.41% higher on Wednesday and looks to be heading to the next resistance.
Prior to this week, the price has risen three weeks in a row.

Rajan Dhall, MSTA FX Daily

EUR/JPY weekly chart

EUR/JPY has pushed 9.68% higher since hitting 1.1442 on 6th May. In this time the EUR has performed well against most of its major counterparts. Now the price could be heading to the major resistance zone at 126.00. This is just below the red line on the chart and as you can see there has been at least four major touches of that zone.

If the price does move beyond the red resistance zone the black downward sloping trendline could be the next important zone. The trendline has been in place since 2018 when the two wave peaks had been connected. If the price does move lower then the psychological 125.00 area could be a near term support level to look out for.

The indicators are looking positive as the price has moved higher. The MACD histogram is green and the signal lines are above the zero line. The Relative Strength Index is also looking positive and continues to hold above the 50 line. There is still space the move to the oversold area which is a positive sign.

Additional levels

EUR/JPY

Overview
Today last price	125.29
Today Daily Change	0.52
Today Daily Change %	0.42
Today daily open	124.77

Trends
Daily SMA20	123.01
Daily SMA50	121.76
Daily SMA100	119.59
Daily SMA200	120.07

Levels
Previous Daily High	125
Previous Daily Low	124.27
Previous Weekly High	125.21
Previous Weekly Low	123.02
Previous Monthly High	125.21
Previous Monthly Low	120.26
Daily Fibonacci 38.2%	124.72
Daily Fibonacci 61.8%	124.55
Daily Pivot Point S1	124.36
Daily Pivot Point S2	123.95
Daily Pivot Point S3	123.63
Daily Pivot Point R1	125.09
Daily Pivot Point R2	125.41
Daily Pivot Point R3	125.83

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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